Bloomberg: Obama authorized AIG bonuses

Discussion in 'Wall St. News' started by power, Mar 19, 2009.

  1. power


    Dodd Blames Obama Administration for Bonus Amendment

    March 19 (Bloomberg) -- Senate Banking Committee Chairman Christopher Dodd said the Obama administration asked him to insert a provision in last month’s $787 billion economic- stimulus legislation that had the effect of authorizing American International Group Inc.’s bonuses.

    Dodd, a Connecticut Democrat, said yesterday he agreed to modify restrictions on executive pay at companies receiving taxpayer assistance to exempt bonuses already agreed upon in contracts. He said he did so without realizing the change would benefit AIG, whose recent $165 million payment to employees has sparked a public furor.

    Dodd said he had wanted to limit executive compensation at companies that got money from the government’s financial-rescue fund. AIG has received $173 billion in bailout money. His provision was changed as the stimulus legislation was negotiated between the House and Senate.

    “I did not want to make any changes to my original Senate- passed amendment” to the stimulus bill, “but I did so at the request of administration officials, who gave us no indication that this was in any way related to AIG,” Dodd said in a statement released last night. “Let me be clear -- I was completely unaware of these AIG bonuses until I learned of them last week.” He didn’t name the administration officials who made the request
  2. clacy


    As Obama's good friend the Reverend Wright said, "The chickens are coming home to roost!".

    That is exactly what is happening with the complete fraud that is Obama. This guy is exposing himself as the amature that I've always know him to be........
  3. <cite>“The fact is that the bill the president signed, which protected the AIG bonuses and others, was written behind closed doors by Democratic leaders of the House and Senate,” Iowa Senator Charles Grassley said in a statement.</cite><p>The Democrats parlayed the blame game into both houses of Congress as well as the White House. By doing so, the Democrats both earned and deserved a chance to show that they could govern better than Bush and his clueless crowd.

    The Democrats are no better than the Republican crowd, maybe worse there seems to be more of them, I cannot turn on my television without looking at another lying thieving politician, most of which are Democrat.

    The problems with Gubmint cannot be solved by either party, when in effect the problem is BOTH POLITICAL PARTIES.
  4. power


    Yesterday, AIG chief executive Edward Liddy threatened that if the bonuses are taken back, the employees will resign and it will be disastrous for AIG and USA economy.

    and everybody kept quiet like dumb rats. They should have slapped Edward Liddy right there.
  5. clacy


    I completely agree. Although I normally end up voting Republican using a "lesser of two evils" approach, I'm to the point where it almost makes me sick to think about the corruption that is so rampant in our political parties.

    There is ZERO honesty or integrity at all levels of American politics. I guess this is probably nothing new and happens in all countries, but it really sucks to see it happen to your country.

    Seven Principles of the Constitution Party are:

    1. Life: For all human beings, from conception to natural death;
    2. Liberty: Freedom of conscience and actions for the self-governed individual;
    3. Family: One husband and one wife with their children as divinely instituted;
    4. Property: Each individual's right to own and steward personal property without government burden;
    5. Constitution: and Bill of Rights interpreted according to the actual intent of the Founding Fathers;
    6. States' Rights: Everything not specifically delegated by the Constitution to the federal government, nor prohibited by the Constitution to the states, is reserved to the states or to the people;
    7. American Sovereignty: American government committed to the protection of the borders, trade, and common defense of Americans, and not entangled in foreign alliances.

    As with any political party, I don't agree with all of their points, just the most important ones to me.
  7. Despite all the rage over AIG bonus payouts, I could understand his logic if he would only better explain exactly why these certain employees are key to the company i.e. to the US taxpayers. I understand the logic of these bonus payouts for the fp division. It's like a big carrot hanging over their head so if they do a good job and wind down the hundreds of billions of dollars of derivatives on the accounts they have been managing then they are bringing down the companies risk level and making the books better. They would have to know that there probably isn't much use for their "skills" after that so there is no incentive for them to kill their own job unless they get a nice "performance bonus" after doing the winding down.
    On the other hand I wonder how hard it might be to get another job after working at AIG fp division? It also would of been nice if Liddy actually brought a presentation with him that explains to the committee exactly how it is the guys at AIG fp "wind down" these instruments, thus showing everyone why their expertise is so important. I would be very curious to see that. I agree, these congress investigations are dog and pony shows, it's retarded.
  8. usa biggest dangers:
    1.political correctness
    3.frank, dodd, PELOSI out mortgages to tyrone that will NEVER be paid back
    5.sue-happy ignorant folks
    6.china already NOT so happy with buying debt......
    7. EU-china intra trade
  9. Lucrum


    It's time for another revolution against tyranny.
    #10     Mar 19, 2009